Each penny costs 3.69 cents to make, Treasury saysUS Mint to announce auction of final penniesGold pennies also produced, source saysPennies remain legal tender and will stay in circulationHalting penny production to save US Mint $56 million a year, Treasury says<\/p>\n
PHILADELPHIA, Nov 12 (Reuters) – U.S. Treasurer Brandon Beach visited the Philadelphia Mint on Wednesday to strike the final five circulating one-cent coins or pennies, ending 232 years of penny production in the United States.<\/p>\n
U.S. President Donald Trump<\/a> in February ordered Treasury to halt what he called the “wasteful” minting of pennies, prompting gas stations, fast-food chains and big-box stores to adjust prices and round cash transactions<\/a>.<\/p>\n Sign up here.<\/a><\/p>\n Treasury said rising production costs and rapidly changing consumer habits and technology had made production of pennies “financially untenable” and unnecessary, noting that it costs 3.69 cents to make each penny, up from 1.42 cents a decade ago.<\/p>\n Production of circulating pennies was suspended months ago, Mint officials said, but an unspecified number of additional one-cent coins – marked with an Omega symbol to signify the last of their kind – were made to be auctioned off in December.<\/p>\n The five pennies pressed on Wednesday will be part of that batch, said Robert Kurzyna, superintendent of the Philadelphia Mint. Details of the auction will be released shortly, he said. Those pennies could technically be used for circulation, unlike collector coins, which are shinier and made differently.<\/p>\n The Philadelphia Mint produced 232 of Omega-stamped coins for the auction, one for each year the penny was produced, plus three for display at Treasury and other institutions, a source familiar with the matter said. It also produced 235 gold pennies, the source said.<\/p>\n It was unclear whether additional pennies were pressed for the auction at the Denver Mint, where pennies were also made.<\/p>\n U.S. Mint Acting Director Kristie McNally said the first and last of the coins to be auctioned could fetch around $100,000. All proceeds will be used to fund Mint operations, with any excess to be transferred to the U.S. Treasury, she said.<\/p>\n Suspending production of the penny is expected to save the U.S. Mint about $56 million a year, Treasury said. Pennies will remain legal tender, with an estimated 300 billion of them in circulation, “far exceeding the amount needed for commerce,” Treasury said.<\/p>\n “Sad to see the penny go, but it was inevitable given rising costs,” said American University professor Gabriel Mathy, adding the iconic American coin would “stick around for a while, though people may start hoarding pennies.”<\/p>\n U.S. Treasury Secretary Scott Bessent was slated to attend the event, but canceled his appearance due to travel delays after a speech in New York.<\/p>\n Item 1 of 5 U.S. Treasurer Brandon Beach and Kristie McNally, Acting Director of The U.S. Mint, pose for a photo with the last struck penny, marking the end of 232 years of penny production in the United States, at the United States Mint in Philadelphia, Pennsylvania, U.S., November 12, 2025. REUTERS\/Rachel Wisniewski<\/p>\n [1\/5]U.S. Treasurer Brandon Beach and Kristie McNally, Acting Director of The U.S. Mint, pose for a photo with the last struck penny, marking the end of 232 years of penny production in the United States, at the United States Mint in Philadelphia, Pennsylvania, U.S., November 12, 2025. REUTERS\/Rachel… Purchase Licensing Rights, opens new tab<\/a> Read moreThe U.S. is joining other countries, including Canada<\/a>, Australia, Ireland and New Zealand, in phasing out their lowest-value coins, rounding cash transactions up or down to the nearest five cents while keeping electronic payments exact.<\/p>\n The penny was first issued by the government in 1793. Since 1909, the profile of President Abraham Lincoln has adorned the obverse side of the coin made of zinc and copper.<\/p>\n In fiscal 2024, pennies accounted for 57% – or 3.2 billion – of the Mint’s total production of 5.61 billion circulating coins. The Mint will continue to produce collector versions of the penny in limited quantities, Treasury said.<\/p>\n A Mint official said some gold pennies were also planned.<\/p>\n Supporters of the penny have argued that it helps keep consumer prices lower and is a source of income to charities.<\/p>\n For many Americans, however, the coin has become a nuisance<\/a> that ends up being discarded in drawers, jars and piggy banks.<\/p>\n The American Bankers Association said last month a slowdown in penny circulation this year had created localized supply issues, especially in areas where terminals used by banks to deposit excess coins have been shut down.<\/p>\n It said the banking industry was encouraging consumers to check their home, car and coin jars for pennies and bring them to banks, retailers or coin kiosks to help ease the slowdown.<\/p>\n A decision on whether to eliminate the penny would be up to Congress and the president, the banking group said, noting the U.S. Constitution gave Congress the authority to coin money.<\/p>\n Republican Representative Frank Lucas said he has been working with House Conference Chair Lisa McLain on bipartisan legislation to address the high cost of producing coins.<\/p>\n \u201cThis is the 19th consecutive year the United States government has lost money producing the one-cent piece and the nickel,” Lucas said in a statement to Reuters. “Our bipartisan bill is working its way through the House to answer President Trump\u2019s call and bring costs down for the taxpayer.\u201d<\/p>\n Reporting by Andrea Shalal; Editing by Richard Chang and Diane Craft<\/p>\n Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n